- Trade momentum softens, mills’ offers decline
- Market uncertainties lead to need-based buying
India’s induction furnace (IF) steel market saw bearish trends today, as mills’ offers fell by up to INR 300/t compared to the previous trading session.
Sponge iron prices decreased by INR 50-200/t d-o-d, with the highest fall seen in the Hyderabad.
Billet tags eroded by INR 100-300/t d-o-d. The highest drop was seen in Raigarh and Ahmedabad markets .
Rebar (Fe 500) prices also fell by INR 100-300/t d-o-d, with the Durgapur cluster witnessing the steepest decline.
Overall, trading activities were dull today, with minimal movements observed in the spot market. Buyers chose to stay on the sidelines and resorted to need-based buying owing to a lack of clarity in market direction.
BigMint’s price assessment (Region wise)
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